Sensex Today: The Sensex and Nifty opened flat with a downtick on Monday amid mixed moves across their global peers.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “The better-than-expected US job numbers in November were surprisingly ignored by the market with the S&P 500 ending flat. This message from the market indicates that the Fed is unlikely to reverse its well-telegraphed slower pace of tightening. The market doesn’t see the terminal rate going above 5%. In India there are signals that this is a market trending higher, in spite of the high valuations. The upcoming MPC decision and more importantly the RBI’s message will be keenly awaited by the market. The mid and small cap rally is likely to gather momentum.”
Global Cues
In Asia this morning, the Hang Seng index rose 3 per cent to lead gains after virus testing rules were eased in some Chinese cities. Shanghai Composite was up 1 per cent, Nikkei 0.14 per cent and Strait times 0.4 per cent.
In the US on Friday, the markets had reversed all losses to close on a tepid note. The Dow ended up just 0.1 per cent. The S&P 500 dipped 0.1 per cent and Nasdaq 0.2 per cent.
Back home, the Street will track services PMI data for India as well as the US today.
Besides, the OPEC+ on Sunday decided to stick to its existing policy of reducing oil production by 2 million barrels per day from November until 2023-end.
Brent crude futures were 2 per cent higher this morning at $87 per barrel level.
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Source: News18